Ayodeji Ayenuwa
In a bid to enhance financial inclusion in Nigeria, Efemena Ogie, the Head of Partnership at Moniepoint Inc., has revealed a strategy that seeks to connect more Nigerians to the formal financial sector. With just 58.9 million Bank Verification Numbers (BVN) in a nation of approximately 230 million people, Ogie’s proposal addresses the pressing issue of financial exclusion. He stated, “NIMC as of August has over 102 million Nigerians registered for the NIN and the banking sector, we have just about half of that number with BVN.”
The Strategy
Ogie’s solution centers around leveraging the existing National Identification Number (NIN) database, which currently holds 102.39 million records.
Managed by the National Identity Management Commission (NIMC), the NIN database could play a crucial role in creating additional BVNs for more Nigerians, facilitating access to essential financial services.
Ogie explained, “It means that if you have NIN and you don’t have BVN, I am able to generate BVN for you using your NIN. Now, there is a data privacy aspect to this. So, for you to have access to that BVN, all you need to do is to dial a code and that serves as consent. Once you give the consent, you have your BVN.“
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The proposed approach involves establishing a connection between NIMC’s extensive data and the Nigeria Inter-Bank Settlement System (NIBSS) through the implementation of an API.
This simplified process would allow the generation of BVNs, based on NINs, with the consent of the individual, reducing barriers to entry into the financial sector. Ogie’s idea recognizes the need to improve identity management across various government agencies, highlighting the current fragmentation.
He emphasized, “So, you have the BVN, you have NIN, you have the Driver’s Licence database, passport, and all that. If I go to get my driver’s license now they will capture my biometrics. If I want a passport, they will capture my biometrics, NIN, and BVN, the same thing. Now, I think we need to start to think about harmonising this data.”
To illustrate the potential impact of this initiative, Ogie pointed to India’s successful Aadhaar system, which has covered approximately 95% of India’s vast population of 1.4 billion people. This system provides a strong model for integrating identity data.
Techrectory with Agency Report.
